Trump Ire Stokes Gold Trade in Iran as Rial Hits Record Low
- Gold coin, bar demand more than tripled in first quarter: WGC
- Value-added tax hits U.A.E. and Iran gold jewelry consumption
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Iranians placed a lot more bets on gold in the first quarter after the local currency weakened to a record and fears grew that the U.S. would pull out of the nuclear deal, signaling a return to sanctions.
Gold coin and bar demand in the Persian Gulf nation soared to 9.3 tons in the first quarter, a three-year high, on “investor concerns over worsening Iranian-U.S. relations and the prospect of currency controls,” the World Gold Council said Thursday in a report. U.S. President Donald Trump will decide by May 12 whether to keep America in an international agreement that restricts Iran’s nuclear activities in exchange for relief from sanctions.